| Reconciliation of Financial Statements to Form 5500 |
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: | | | | | | | | | | | | | December 31 | | 2025 | | 2024 | | Net assets available for benefits per the financial statements | $ | 71,680,974,169 | | | $ | 63,252,937,108 | | | Adjustment from contract value to fair value for fully | | | | | benefit-responsive investment contracts | (171,957,474) | | | (351,426,347) | | | Benefit obligations payable | (12,124,866) | | | (13,656,370) | | | | | | | Net assets available for benefits per Form 5500 | $ | 71,496,891,829 | | | $ | 62,887,854,391 | |
The following is a reconciliation of total income per the financial statements to the Form 5500 for the year ended December 31, 2025:
| | | | | | | | | | Total Plan interest in the Stable Value Master Trust investment income per the | | | | financial statements | | $ | 161,207,334 | | | Adjustment from contract value to fair value for fully benefit-responsive | | | | investment contracts | | | | End of year | | (171,957,474) | | | Beginning of year | | 351,426,347 | | | | | | Total Plan interest in the Stable Value Master Trust investment income per Form 5500 | | $ | 340,676,207 | |
The following is a reconciliation of benefits paid to Plan participants per the financial statements to the Form 5500 for the year ended December 31, 2025:
| | | | | | | | | | Benefits paid to Plan participants per the financial statements | | $ | 4,802,205,675 | | | Add: Benefit obligations payable at end of year | | 12,124,866 | | | Less: Benefit obligations payable at beginning of year | | (13,656,370) | | | | | | Benefits paid to Plan participants per Form 5500 | | $ | 4,800,674,171 | |
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